Planet Fitness Announces Leadership Transition
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Craig Benson Appointed Interim Chief Executive Officer, Effective Immediately
In connection with this transition, the Board is engaging a leading executive search firm to assist in a comprehensive search process to identify a permanent CEO, with both internal and external candidates being considered.
"As we enter the next chapter of Planet Fitness' journey, the Board felt that now was the right time to transition leadership," said Stephen Spinelli, Jr. (Ph.D.), Chairman of the Board. "In today's evolving environment, Planet Fitness is continuing to enhance our competitive advantage, capitalize on our size and scale, and drive further shareholder value. As a Board member and Planet Fitness franchisee, Craig knows our business well, while also bringing deep public and private sector executive leadership experience to this role. The Board is confident that he is the ideal leader to oversee the business during this transition period. The Board remains committed to overseeing the execution of the Company's strategy as we begin our search for Planet Fitness' next permanent leader and solidify our position as a differentiated and disruptive force in the health and wellness space for years to come."
"Planet Fitness is a truly unique brand with a strong track record of growth and opportunity to drive long-term value creation," said
Spinelli concluded, "On behalf of the Board, I'd like to thank Chris for his 30 years of service to Planet Fitness. During the course of his decade long tenure as CEO, Chris has played a critical role in accelerating our differentiated high-value, low-price (HVLP) model to significantly grow our membership over five and a half times to 18.4 million and footprint by four times to more than 2,400 stores, while cultivating our culture of judgement free fitness to improve the lives of millions of members. We appreciate his continued support to help ensure a smooth transition."
"My 30-year career at Planet Fitness has been an incredible ride, and it's been an honor to lead this Company and serve our employees, franchisees and members, all of whom have played a key role in our tremendous growth and success," said Rondeau. "I am grateful for and look forward to supporting the management team in an advisory capacity, and have confidence in the long-term potential of Planet Fitness."
The management change is not the result of any material or unexpected financial events.
About Craig Benson
About Planet Fitness
Founded in 1992 in
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the federal securities laws, which involve risks and uncertainties. Forward-looking statements include the Company's statements with respect to expected future performance, the management transition and other statements and projections that do not relate solely to historical facts. Forward-looking statements can be identified by words such as "believe," "expect," "goal," "plan," "will," "prospects," "future," "strategy" and similar references to future periods, although not all forward-looking statements include these identifying words. Forward-looking statements are not assurances of future performance. Instead, they are based only on the Company's current beliefs, expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company's control. Actual results may differ materially from those indicated in the forward-looking statements. Important factors that could cause our actual results to differ materially include our ability to transition to a new interim CEO, our ability successfully identify and engage a permanent CEO and the other factors described in the Company's annual report on Form 10-K for the year ended December 31, 2022, and the Company's other filings with the Securities and Exchange Commission. In light of the significant risks and uncertainties inherent in forward-looking statements, investors should not place undue reliance on forward-looking statements, which reflect the Company's views only as of the date of this press release. Except as required by law, neither the Company nor any of its affiliates or representatives undertake any obligation to provide additional information or to correct or update any information set forth in this release, whether as a result of new information, future developments or otherwise.
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SOURCE Planet Fitness, Inc.